FILED-:- kittcs‘coufirv'cnéfiiéi104m2014 '
`FILED: KINGS COUNTY CLERK 04/14/2014
`
`NYSCI
`3F DOC. NO.
`1
`NYSCEF DOC. NO. 1
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`‘
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`'
`"""iNb:3'>'< No} 503249/26'1'4
`INDEX NO. 503249/2014
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`
`04/14/2014
`R*.C*.IV*.D \IYSCEF:
`RECEIVED NYSCEF: 04/14/2014
`
`SUPREME COURT OF THE STATE OF NEW YORK
`_ COUNTY or KINGS
`' Metropolitan Life Insurance Company
`'
`'
`Plaintiff,
`
`—against—
`
`_
`
`Katherine BuIrOWes, Mortgage Electronic Registration
`Systems, Inc, acting solely as a nominee for Wali Street
`Mortgage Bankers, LTD. dba Power Express, New York City
`Environmental Control Board, New York City Parking
`. Violations Bureau, New York City Transit Adjudication Bureau
`and “JOHN DOE #1" through "JOHN DOE #10”, the last ten
`:" names being fictitious and-unknown to the plaintiff, the person
`i or parties intended being the persons or parties, if any, having
`' "or claiming an interest in or lien upon the mortgaged premises
`'deSCribed in the Complaint,
`
`Defendants.
`
`TO THE ABOVE NAMED DEFENDANT(S):
`
`SIMMONS
`
`Plaintiff designates Kings
`County as the place of trial.
`Venue is based upon the
`County in which the
`mortgaged premises is
`situated.
`
`‘ YOU ARE HEREBY SUMMONED to answer the Complaint in this action and to serve a
`:
`copy of your Ansiver or, if the Complaint is not served with this Summons, to serve a Notice of
`Appearance on the attorneys for the plaintiff Within twenty (20) days after service ofthis Summons,
`exclusive of the day of service; or within thirty (30) days after service is complete if this Summons
`is not personally delivered to you within the State of New York; or Within sixty (60) days if it is the
`United States ofAmen'ca. In case ofyour failure to appear or answer, judgment will be taken against
`‘ yen by default for, the relief demanded in the Complaint.
`
`.
`
`

`

`YOU ARE IN DANGER OF LOSING YOUR HOME
`
`NOTICE
`
`If you do not respond to this summons and complaint by serving a copy of the answer
`on the attorney for the mortgage company who filed this foreclosure proceeding against you
`and filing the answer with the court, a default i udgment may be entered and you can lose your
`
`home.
`-'
`
`
`
` , S eak to .an attorne or o to the court where our case is endin for further
`
`ro einformation on how to answer the summons and rotect our .
`
`
`
`
` Sendin a a ment to our mort a ecom an will not sto this foreclosure action.
`
`YOU MUST RESPOND BY SERVING A COPY OF THE ANSWER.ON THE
`1
`,-
`ATTORNEY FOR THE PLAINTIFF
`ORTGAGE COMPANY AND FILING THE
`
`ANSWER WITH THE COURT.
`
`Dated: Bay Shore, New York
`April 10, 2014
`‘
`
`,.
`r
`.
`T01
`Katherine Burrovyes
`791 Fountain Avehue
`BrooklyngNY 11208
`
`FRENKEL, LAMBERT, WEISS,
`WEISMAN & GORDONKLLP
`2322/
`
`W..-
`
`'j
`
`' BY: Joshua Sherer
`
`Attorneys for Plaintiff
`53 Gibson Street
`Bay Shore, New York 11706
`(631) 969-3100
`Our File No.: 01—068570—F00
`
`Mortgage Electronic Registration Systems, Inc, acting solely as a nominee for Wall Street Mortgage
`Bankers, LTD. dba Power Express
`1 11 1 Marcus Avenue
`Lake success, NY 1 1042
`
`New York City Environmental Control Board
`100 Church Street, 4th Floor
`' New York, NY 10007
`
`.
`
`"New York City Parking Violations Bureau
`100 Church Street, 4th Floor
`Now York, NY 19007
`
`

`

`NEW York City Tfansit Adjudication Bureau
`130 Livingston Street
`ggpgsklyn, NY 11201
`
`
`
`

`

`COMPLAINT
`
`SUPREME COURT OF THE STATE OF NEW YORK
`
`COUNTY OF KINGS
`
`MetrOpolitan Life Insurance Company
`'
`Plaintiff,
`
`—against—
`
`Katherine Burrowes, Mortgage Electronic Registration
`Systems, inc ,acting solely as a nominee for Wall Street
`'3‘:;Mortgage Bankers, LTD. dba Power Express, New York City
`Environmental Control Board, New York City Parking
`Violations Bureau, New York City Transit Adjudication Bureau
`and "JOHN DOE #1" through "JOHN DOB #10", the last ten
`names being fictitious and unknown to the plaintiff, the person
`or parties intended being the persons or parties, if any, having
`Or claiming an interest in or lien upon the mortgaged premises
`described in the “Complaint,
`
`Defendants.
`
`The plaintiff, by its attorneys, Frenkel, Lambert, Weiss, Weisman, & Gordon, LLP,
`_
`complaining ofthe defendants herein allege, upon information and belief, as follows:
`
`AS A FIRST CAUSE OF ACTION
`
`That the plaintiff, Metropolitan Life Insurance Company, at all times hereinafler mentioned
`1,
`was and still is a Foreign Corporation authorized to transact business in the State of New York.
`
`2.
`
`On or about December 4, 2006, Katherine Burrowes executed and delivered to Wall Street
`
`Mortgage Bankers, LTD. dba Power Express a note dated December 4, 2006 whereby Katherine
`Burrowes promised to pay the principal sum of $608,000.00.
`
`. On or about December 4, 2006, Katherine Burrowes executed and delivered to Mortgage
`3.
`Electronic Reg1st1atron Systems, Inc. ,acting solely as anominee for Wall Street Mortgage Bankers,
`LTD. dba Powerexpress a mortgage (hereinafter "mortgage")111 the principal sum of $608,00000,
`with interest, mortgaging the premises known as 791 Fountain Avenue, Brooklyn, NY 11208
`(hereinafter "premises”) as collateral security for the note. The mortgaged premises is more fully
`described in EXHIBIT "A" annexed hereto.
`
`The mortgage was duly recordedin the Office of the Clerk ofthe County of Kings on April
`'41;
`1:0, 20071n CRFN 2007000183535, and the recording tax was duly paid. Thereafter, the loan was
`modified pursuant to a Home Affordable Modification Agreement effective April 1, 2010, which
`created a single lien in the amount of $670,765.25.
`
`

`

`I That plaintiff13 in possession ofthe original note with a proper endorsement andjor allonge
`5.
`andis,therefore, the holder of both the note and mortgage, which passes as incident to the note.
`
`PrirSuant to the modified loan, Katherine Burrowes promised to make consecutive monthly
`6'.
`payments ofpr1n01pal and interest each month in accordance with the terms ofthe loan modification
`agreement, cemmencing April 1, 2010 and on the first day of each succeeding month up to and
`including March 1, 2050 when the entire principal amount and accrued interest shall be due and
`payable-
`‘
`‘
`
`Pursuant to the terms of the mortgage, in addition to principal and interest, the mortgagee
`7.
`can collect and charge to the loan all amounts necessary to pay for taxes, assessments, leasehold
`payments or ground rents (if any), hazard insurance and mortgage insurance.
`
`_ The mortgage further provides that1n case of defaultin the payment of any principal or
`8.
`interest or any other terms, covenants or conditions of the mortgage, the holder of the mortgage
`could declare the entire indebtedness secured by the mortgage immediately due and payable, and the
`holder of the mortgage is empowered to sell the mortgaged premises according to law.
`
`KatherineBurrowes failed to comply with the terms, covenants and conditions of said note
`9.1 I
`and mortgage by failing and omitting to pay, to the plaintiff, payments due on May 1, 2013 and said
`defauit has continued for a period1n excess of fifteen (15) days
`
`
`Pursuant to the terms ofthe note and mortgage, the plalntlffhas elected and does hereby elect
`10
`to declare the entire principal balance to be due and owing.
`
`That there is now due and owing to the plaintiff under said note and mortgage the principal
`11.. _
`sum, of $642,536.44, which includes a principal balance of $455,771.19 with interest thereon from
`April 1, 2013, plus a non—interest bearing principal balance of $186,765.25 pursuant to the loan
`modification agreement herein referenced, plus late charges if applicable pursuant to the terms of
`the note and advances made by the plaintiff on behalf of the defendant(s) and any other charges due
`and owing pursuant to the terms of the note and mortgage.
`
`‘I Plaintiff shall not be deemed to have waived, altered, released or changed the election
`'12.it
`hereinbefore made by reason of payment after the date of commencement of this action of any or all
`ofthe defaults mentioned herein, and such election shall continue and remain effective.
` In order to protect its security, the plaintiff may be compelled, during the pendency of this
`actlon to pay sums for premiums on insurance policies, real estate taxes, assessments, water charges
`and sewer rents which are or may become liens on the mortgaged premises, and other charges which
`may be necessaryfor the protection of the mortgaged premises, and the plaintiffprays that any sum
`or sums so paid, together with interest from the date of payments, shall be added to the plaintiff's
`claim and be deemed secured by said note and mortgage and adjudged a valid lien on the mortgaged
`premises, and that the plaintiffbe paid such sums, together with interest thereon, out ofthe proceeds
`of the sale of the mortgaged premises.
`
`

`

`Upon information and belief all the defendants herein have or claim to have some interest
`14.
`111' or lien upon said mortgaged premises or some part thereof which interest or lien, if any, has
`accrued subsequent to the lien of plalntiff‘ 5 mortgage, or has been paid or equitably subordinated to
`plaintiffs mortgage, or been duly subordinated thereto. The reason for naming said defendants is set
`forth in "Schedule A" that is attached to this complaint.
`
`That there are no pending proceedings at law or otherwise to collect or enforce said note
`15...
`and mortgage.
`
`16.7 I Plaintiff has complied with all of the provisions of Banking Law §595—a and any rules
`and regulations promulgated thereunder, Banking Law §§6-l and 6-m, if applicable.
`
`'
`
`Upon information and belief, plaintiff has complied with the provisions of Real Property
`17.
`Actions and Proceedings Law §1304 and §1306 unless exempt from doing so.
`
`That the plaintiff15 now the owner and holder of the said note and mortgage securing the
`18.
`same or has been delegated the authority to institute a mortgage foreclosure action bythe owner and
`holder of. the subject mortgage and note or is the holder of the note and mortgage and has been
`delegated1he aut11ority to institute a mortgage foreclosure action by the owner of the note and
`mortgage
`
`If plaintiff is not the owner and holder of the subject note and mortgage, plaintiff has
`19.
`been delegated the authority to institute a mortgage foreclosure action pursuant to statute and/or
`delegation of authority by the owner of the subject note and mortgage.
`
`Plaintiff requests that the mortgaged premises be sold in one parcel and that ifthe premises
`20.
`consists of mere than one parcel, plaintiff respectfully requests that the judgment of foreclosure
`provide, for the parcels to be sold as one parcel.
`
`The sale of the mortgaged premises under foreclosure herein is subject to any state of facts
`21.
`that an inspection, of the premises would disclose, any state of facts an accurate survey would show,
`and to covenants, 1estrictions and easements, ifany, ofrecord affecting said mortgaged premises and
`any violation thereof, any equity of redemption of the United States of America to redeem the
`premises Within120 days from the date ofsale prior mortgages and liens ofrecord ifany, any rights
`oftenants or persons in possession ofthe subject premises, and to zoning regulations and ordinances
`of the city, town or village in which said mortgaged premises lies and any Violations thereof.
`
`In the event that the plaintiff possesses any other lien(s) against the mortgaged premises
`22;;
`either by way ofj udgment, junior mortgage or otherwise, plaintiffrequests that such other lien(s) not
`be merged in plaintiffs cause(s) of action set forth in this Complaint, but that plaintiff shall be
`permitted to enforce said other. lien(s) andjcr seek determination of priority thereof in any
`independent action(s) or proceeding(s),
`including, without
`limitation, any surplus money
`proceedings.
`
`
`
`

`

`
`
`AS AND FOR A SECOND CAUSE OF ACTION
`
`The plaintiff repeats and realleges each and every allegation contained in paragraphs
`23.
`designated lthrough 22.
`24. The mortgage provides thatin the event of default, the plaintiff may recover all costs,
`including reasonable attorneys‘ fees, disbursements, and allowances provided by 1aw1n bringing any
`action to protect its interest in the premises, including foreclosure of the mortgage.
`
`I WHEREFORE, the plaintiff demands judgment against the defendant(s) as follows:
`
`That the defendants and all persons claiming under them or any of them subsequent
`a)
`to the commencement of this action and to the filing of the Notice of Pendency of this action, may
`be barred and foreclosed of all right, title, claim, lien and equity of redemption1n the mortgaged
`premises;
`That the mortgaged premises be sold in one parcel according to law subject to any
`b)
`state of facts an accurate survey would show, any covenants, easements, encroachments,
`reservations, and restrictions, violations and agreements ofrecord, zoning regulations and ordinances
`of the city, town, or village; wherein the premises is located, any state of facts a physical inspection
`Will-disclose, rights of tenants and other persons in possession of the mortgaged premises, prior
`judgments, liens and mortgages of record and any and all rights of the United States of America to
`redeem the subject premises;
`._c)
`That the premises be soldin accordance With Title 28, Section 2410 of the United
`State COde preserving all rights of redemption, if any, of the United States of America,
`d) .
`That the monies received from the sale be broughtinto Court and that plaintiff be paid
`the amount adjudged to be due it with interest thereon to the time ofsuch payment, together with late
`charges, any sums paid by the plaintiff for real estate taxes, assessments, water charges and sewer
`'rlents, insurance premiums, sums expended for the protection or preservation ofthe property, together
`W1th attorneys fees as demandedin the second cause of action, the costs and disbursements of this
`action and any other necessary expenses to protect the lien of the mortgage to the extent that the
`amount of such monies applicable thereto will pay the same;
`e)
`That this Court, if requested, appoint a receiver of the rents and profits of said
`premises, during the pendency of this action with the usual powers and duties,
`D
`That the defendant(s) obligated under the note be adjudged to pay any deficiency
`which may remain after applying all of such monies as aforesaidin accordance with the law and
`provided that plaintiffhave execution therefore, unless the debt has been dischargedin a Bankruptcy
`petition or that said defendant(s) obligated under the note have been relieved of responsibility for
`any Such deficiency;
`.
`=
`' g)
`That in the event plaintiffpossesses any other lien(s) against said mortgaged premises
`either by way ofjudgment, junior mortgage or otherwise, plaintiff requests that such other lien(s)
`shall not be mergedin plaintiffs cause(s) of action(s) set forth1n the Complaint but that plaintiff
`shall be permitted to enforce said other lien(s) and/or seek determination or priority thereofin any
`.1ndependent acti1)n(s) or proceeding(s), including, Without
`limitation, any surplus money
`proceedings
`
`

`

`That plaintiff have such other and further relief in the mortgaged premises as may
`I h)
`be just and equitable.
`
`Dated: ”Bay Shore, New York
`April 10,2014
`
`
`
`
`
`Frenkel, Lambert, Weiss, Weisman, & Gordon, LLP
`1“
`a
`'1
`j
`Age/L‘s»,
`x
`j
`[
`
`By:
`
`[€11
`
`Joshua Sherer
`
`Attorneys for Plaintiff
`53 Gibson Street
`
`Bay Shore, New York 1 1706
`(631) 969-3100
`Our File No.: 01-»068570-F00
`
`

`

`MORTGAGE SERVICES
`
`First American
`
`SCHEDULE A
`
`DESCRIPTION OF MORTGAGED PREMISES
`
`TitieNo.: DSi30169587
`
`ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon
`erected, situate, lying and being in the Borough of Brooklyn, County of Kings, City and
`
`State of New York, being known as Block 4565, Tent 69, being bounded and described as
`follows:
`'
`
`BEGINNING-at a point on the Southwesterly side of Fountain Avenue distant 170 feet 2 IA
`inches from the corner formed by the intersection of the Scutherly side of Fiatlands
`Avenue with the Southwesterly side of Fountain Avenue;
`
`RUNNING THENCE Northeasterly parallel with Flatiands Avenue, and part ofthe
`distance through a party wall 180 feet, to a point forming an interior angle of 71 degrees 14
`‘
`I minutes 18 seconds with the next course;
`THENCE Northwesterly parallel With Fountain Avenue 20 feet 1 inch, to a point forming
`an interior angle of 108 degrees 45 minutes 42 seconds with the next course;
`
`THENCE Southwesterly paraliel with Flatlands Avenue, and part of the distance through a
`party wall, 180 feet to point forming an interior angle of 71 degrees 14 minutes 18 seconds
`ivith the Southwesterly side of Fountain Avenue;
`THENCE Southeasterly along the Southwesterly side ofFountain Avenue 20 feet 1 inch,
`to’ the point or place of BEGINNING
`
`
`
`Page 20f 8
`
`

`

`Schedule A
`
`Party Name
`
`I
`
`Description
`
`Katherine Burrowes
`
`Obligor/Mortgagor/Owner
`
`Mortgage Electronic Registration Systems, Holder of a subordinate mortgage on the subject
`Inc., acting solely as a nominee for Wall
`premises. Said mortgage was recorded on April
`Street Mortgage Bankers, LTD. dba Power
`10, 2007, in CRFN 2007000183536.
`Express
`'
`
`New York City Environmental Control
`- Board
`
`Judgment Creditor
`
`New York City lJarking Violations Bureau
`
`Judgment Creditor
`
`: New York City 'l’ransit Adjudication
`Bureau
`'
`
`Judgment Creditor
`
`

`

`REE-E ECFRHQMEGEU‘L ERS LN ECJRECLQSURE
`
`NEW YGRF’CE-WELAW REQUE RES!EiAW:SEND YO‘UI:HES NOTECE ABCWT THE
`FORECLOSURE RRCYCESS PLEASE READFT AREFULLY.
`
`S UMM GNS AN D COM PLANT
`
`YC‘U ARE EN DANGER GE LOSEMG YOUR HUME. [E YOU EAL. TO RESPOND!“D THE
`SUMMONS AND CC’MRLAJNT [N THIS FORECLOSURE ACTEO N} YOU MAY LOSE.
`' YOUR HOME. PLEASE R AD THE SUMMONS AND CO-MPLAENT AREEULLY. YOU
`SHOULD [MMEDLATELY CONTACT AN ATTORNEY OR YOUR LOCAL LEGAL AED
`
`CrEFéCE TC! OBTA‘EN ADVECE ON HO‘W TO PROTECT YGURSELF.
`
`SOURCES OF [NEO-RMATEON AND ASS-{STANCE
`
`office, there are gove nmeot
`
`no’nn-onprofit orrgenEzetEons t
`
`* you
`
`may contact for totormetion about oossEb-et options, inc Fudmg trying to Work -
`with your Lender hiring thEs process
`‘
`
`the toH-free heioiir‘ze rna
`; you may ceif
`t or" Financial Services at 1—87?~226—569
`
`site at ht'to: HWV.w. ots.nv eov
`
`FQRECLOSURE Asin CUE SCAMS
`
`Be careful of peopie who approach you with otters to ”seve” your home. There
`are Endiv‘ouefe who watch‘10r notices of torecforrsore ections in order’to unfairfy
`profit{t from:ehorneownor s ofstres- roo shook-4' he extreme}! ceretof about any
`
`such pFOHHCE‘T» ano any suggestiors that you pay them e fee or Sign over your
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`deed. State few requires anyone onertng so h
`servéces tor oront
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`to enter
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`F
`
`

`

`CERTIFICATION BY ATTORNEY
`
`Joshua Sherer, an attorney duly admitted to practice law before the Courts of the State of
`New York, an attorney with the firm of Frenkel, Lambert, Weiss, Weisrnan, & Gordon, LLP,
`attorneys for the Plaintiff herein, pursuant to Uniform Rule Section 130—1.1—a, states as follows:
`
`I hereby certify, under the penalty of perjury and as an officer of the Court, that, to the best
`1.
`of my knowledge,
`information and belief,
`formed after an inquiry reasonable under the
`‘ circumstances, the presentation of the within paper or the contentions therein are not frivolous as
`defined in subsection (c) of section ISO-1.1, including that the substance of the factual statements
`therein are not false.
`
`Dated: Bay'ShoregNew York
`April 10, 2014
`
`Frenkel, Lambert, Weiss, Weisman, & Gordon, LLP
`a:
`j-
`
`.QJLW/e.‘
`
`Joshua Sherer
`
`Attorneys for Plaintiff
`53 Gibson Street
`
`Bay Shore, New York 11706
`(631) 969-3100
`_
`Our File No.: 01-068570-F00
`
`
`
`

`

`Index #
`
`SUPREME COURT OF THE STATE OF NEW YORK
`COUNTY OF KINGS
`
`Metropolitan Life Insurance Company,
`
`— against -
`
`Katherine Burrowes, Mortgage Electronic Registration Systems, Inc., acting solely as a
`nominee for Wall Street Mortgage Bankers, LTD. dba Power Express, New York City
`Environmental Control Board, New York City Parking Violations Bureau, New York City
`Transit Adjudication Bureau, and "JOHN DOE #1 " through "JOHN DOE #10", the last ten
`names being fictitious and unknown to the plaintiff, the person or parties intended being the
`persons or parties, if any, having or claiming an interest in or lien upon the mortgaged
`premises described in the Complaint,
`
`Defendants.
`
`SUMMONS AND COMPLAINT
`
`FRENKEL, LAMBERT, WEISS, WEISMAN & GORDON, LLP
`
`Attorneys for Plaintiff
`53 Gibson Street
`
`Bay Shore, New York 11706
`(631) 969-3100
`Fax (631) 969-3101
`Our File No.:,01-068570-F00
`
`Service of a copy of the Within
`
`is hereby admitted.
`
`Dated,
`
`Attorney(s) for
`
`

`

`SUPREME COURT OF THE STATE OF NEW YORK
`
`COUNTY OF KINGS
`
`---------------------------------------------------X
`
`Index N0.:
`
`Metropolitan Life Insurance Company
`Plaintiff,
`
`—against—.
`
`Katherine Burrowes, Mortgage Electronic Registration
`Systems, Inc, acting solely as a nominee for Wall Street
`Mortgage Bankers, LTD. dba Power Express, New York
`City Environmental Control Board, New York City Parking
`Violations Bureau, New York City Transit Adjudication
`Bureau, and ”JOHN DOE #1" through "JOHN DOE #10",
`the last ten names being fictitious and unknown to the
`plaintiff, the person or parties intended being the persons or
`parties,if any, haying or claiming an interest in or lien upon
`the Mortgage premises described in the Complaint,
`
`___________________________________________________X
`
`Defendants.
`
`CERTIFICATE OF MERIT
`
`PURSUANT TO CPLR 3012-b
`
`Mortgaged Premises: 791
`Fountain Avenue, Brooklyn, NY
`11208
`
`I am an attorney at law duly licensed to practice in the state of New York and am
`affiliated with the Law Firm of Frenkel, Lambert, Weiss, Weisman & Gordon, LLP,
`the-attorney for Plaintiff, Metropolitan Life Insurance Company, in this action.
`
`This residential foreclosure action involves a home loan, as such term is defined in
`Real Property Actions and Proceedings Law §1304. Upon information and belief
`defendant, Katherine Burrowes is a resident of the property subject to foreclosure.
`
`I-h‘ave reviewed the facts of this case and reviewed pertinent documents, including
`the mortgage, security agreement and note or bond underlying the mortgage executed
`- by defendant, all instruments of assignment (if any), and all the other instruments of
`indebtedness including any modification, extension, and consolidation.
`
`1 have consulted about the facts of this case with the following representative of
`
`plaintiff:
`
`Name
`
`James" Suazo
`
`Title
`
`Foreclosure Specialist 11 - Select Portfolio Servicing, Inc.
`as servicer for plaintiff
`
`

`

`5.
`'
`
`6.
`
`7.
`
`Upon this review and consultation, to the best of my knowledge, information and
`belief, I certify that there is a reasonable basis for the commencement of this action,
`and that plaintiff is the creditor entitled to enforce rights under these documents.
`
`Listed in Exhibit A and attached hereto are copies of the following documents not
`otherwise included as attachments to the summons and complaint: the mortgage,
`security agreement and note or bond underlying the mortgage executed by the
`defendant; all instruments of assignment (if any); and any other instrument of
`indebtedness, including any modification, extension and consolidatiOn. (Check box
`if n_o_ documents are attached in Exhibit A: El.)
`
`Listed in Exhibit B and attached hereto are supplemental affidavits attesting that
`certain documents as described in paragraph 6 supra are 10 st, whether by destruction,
`
`theft, or otherwise. (Check box if no documents are attached in Exhibit B:
`
`.)
`
`'
`
`.8.
`
`Plaintiff is in possession of the original note.
`
`Dated: April 10, 2014
`
`\
`
`'
`
`f
`
`a
`
`'-
`
`Joshua Sherer, Esq.
`
`
`
`

`

`ADJUSTABLE RATE NOTE
`(LIIBOR Six-Month index (As Published In The Wall Street Jouman- Rate Caps]
`(Interest Only ARM)
`THIS NOTE CONTAINS PROVISIONS ALLOWING FOR CHANGES IN MY INTEREST
`RATE AND MY MONTHLY PAYMENT. THIS NOTE LIMITS THE AMOUNT MY
`INTEREST RATE CAN CHANGE AT ANY ONE TIME AND THE MAXIMUM RATE I
`MUST PAY.
`'
`
`LAKE success
`DECEMBER 4, 2005
`[Cityl
`[Date]
`I
`I791 FOUNTAIN AVENUE, BROOKLYN, NEW YORK 11208
`[PrapertyAddress]
`I
`
`NEW YORK
`{Slant
`
`1.
`
`BORROWER'S PROMISE TO PAY
`(this amount ls
`In return for a loan that I have received. I promise to pay LLS. 3 60 B , 000 . 00
`called "Principal"). plus interest, to the order efLentler. Lender is WALL STREET MORTGAGE
`BANKERS, LTD. DEA Power Express
`I will make all payments under this Note in the form of cash. check or money order.
`I understand that Lender may transfer this Note Lender or anyone who takes this Note by transfer and who
`is entitled to receive payments under this Note is called the "Note Holder. "
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`ZI.I
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`INTEREST
`I will pay Interest
`Interest will he clIta'Irged mt unpall‘l principal until the full amount ofPrincipal has been paid.
`atayea-ny' rate of
`2 5 0%.The interest ratel will pay may change in accordance with Section ‘I of this
`Note
`-’III‘l:e interest rate required by this Section 2 and Section 4 of this Note is the rate i will pay both before and after
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`any default described in Section 7((B) of this Note.
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`PAYMENTS
`(A) Time and Place of Payments
`payments (the "Interest-Only
`1 will pay interest by making payments every month for the first 120
`Period“I in the amount sufficient to pay interest as it accrues. Every month thereafter] wlil pay principal and interest
`' by making payments in an Iantount sufiicient to fully amortize the outstanding principal balance of the Note at the end
`of the Interest——0nly Period over the remaining term of the Note. The principal and Interest payment] pay may change
`as' the interest.rate 1 pay Elianges pursuant to Section 4 of this Note.
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`I willmake my monthly payments on the lst
`day of each month beginning on FEBRUARY 1
`2 00'?-
`I will make these payments every month untli l have paid all of the principal and Interest and any other
`charges described below that I may owe under this Note. Each monthly payment will be applied as of Its scheduled
`due date and will he applied to interest before Principal.
`If. on
`JANUARY 1,2037
`l stiEl owe
`amounts under this Noteni will pay those amounts in full on that date. which is called the "Maturity Date."
`I will make my monthly payments at 11 ll MARCUS AVENUE , LAKE SUCCESS , NEW
`. YORK 11042:
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`. This
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`I F.
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`MULTIS ATE ADJUSTABLE RATE NOTE--LIBOR SIX-MONTH INDEX
`(AS PUB (SHED IN THE WALL STREETJOURNAL)
`DLIMG IO‘NOTE 03101106
`Page 1 01"5
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`(13) Amount of My Initial Monthly Payments
`Each of my initial monthly payments will be in the amount of U.S. S 3.1 6 6. 67
`amount may change.
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`or at a different piace if required by the Note Holder.
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`INTEREST RATE AND MONTHLY PAYMENT CHANGES
`(A) Change Dates
`. and '
`day of JANUARY, 2014
`151:
`The interest rate 1 Twill pay may change on the
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`on that day eyery 6th month thereaftern Each data on which my interest rate couid change is called a "Change
`Date.“
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`(B): The Index
`Beginning with title'lfirst Change Date. my Interest rate will be based on an index. The "index" is the average
`of interbank offered rates for six month U.S. dollar-denominated deposits in the London marhet ("LIBOR"). as
`published in The Wall Sires! Journal The most recent Index figure available as of the date 45 days before each
`Change Date is called the "Current Index."
`[l the Index is no longer available. the Note Holder will choose a new index that is based upon comparabte
`information. The Note Holder will give me notice of this choice.
`(C) Calculation of Changes
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`Before each Change Date, the Note Holder will calculate my new interest rate by adding TWO AND
`2 5 0 / 1000
`4
`percentage points [
`2 . 250 96} to the Current index. The Note
`Holder will then round the result of this addition to the nearest one-eighth of one percentage point (0.125%). Subject
`to the limits stated tn'Section 4(0) below, this rounded amount will be my new intensl rate until the next Change
`Date.
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`Except as provided in Section 3(A) shove. the Note ltioirler will then determine the amount of the monthly
`payment that w0uld be sufficient to repay the unpaid principal that i am expected to owe at the Change Date in full
`on the Maturity Date at my new interest rate in substantially equal payments. The result ofthis calculation will be
`the new amount of my monthly payment.
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`.‘ (D) Limits on Interest Rate Changes
`12 . 2 50 96 or
`Tlie‘ interest rale'lam required to pay at the first Change Date will not be greater than
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`less than
`2 . 2 5 O .96. Thereafter. my interest rate will never be increased or decreased on any single Change
`Date by more than TWO AND 00 U /1000
`percentage pointls)
`(
`2 '. 0 0 O 96) from the rate of interest I have been paying for the preceding 6
`months. My interest
`réte will ne'verlhe greater; than
`12 . 250
`96.
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`(E). El‘l‘cctivc Date of Changes
`I will pay the atnountoftny new monthly
`_ My'new interest rale will become effective on each Change Date.
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`payment‘begi‘pplng on theil'trst monthly payment date after the Change Date until the amount ofmy monthly payment
`changes again}
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`(F) l' Notice of Changes
`Before-the effective date of any change in my interest rate and/or monthly payment, the Note Holder will
`deliver or mail to me a notice ofsuch change. The notice will include information required by law to be given to me
`and also the title and telephone number of a person who will answer any question 1 may have regarding the notice.
`5.
`BORROWER'S RIGHT TO PREPAY
`l have the right to make payments of Principal at any time before they are due. A payment of Principal only
`is known as a "Prepayment." When i make a Prepayment. I will tell the Note Holder in writing that i am doing so.
`l Hwy-not designate a payment as a Prepayment ifI have not made all the monthly payments due under this Note.
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`; Imay make a full Pccpayntent or partial Prepayments without paying any Prepayment charge. The Note Hotder
`will use my Prepayments to reduce the amount of Principal that I owe under this Note. However. the Note Holder
`may apply my Prepaympnt to the accrued and unpaid interest on the Prepayment amount before applying my
`Prepayment to reduce the Principal amount of this Note. Il'l make a partial Prepayment, there will he no changes
`intiteldue-dates of my monthly payments unless the Note l-lolder agrees in writing to those changes.
`If the partlal
`Prepayment is made during the period when my monthly payments consist only oi'interest. the amount of the monthly
`payménliwili decrease for the remainder of the term when my paymenm consist only of interest.
`If the partial
`Prepayment is made during the period when my payments consist of principal and interest, my partial Prepayment
`may reduce the amount of my monthly payments after the first Change Date following my partial Prepayment.
`However. any reduction due to my partial Prepayment may be offset by an interest rate increase.
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`MULTISTATE ADJUSTABLE RATE NOTEu-LIEOR SIX-MONTH INDEX
`(AS FUBLlSHED IN THE WA“. 5TREETJOURNAL)
`-.D‘|,.'IJMC tom
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`7
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`6.
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`LOAN CHARGES
`If a law. which applies to this loan and which sets maximum loan charges, is finally interpreted so that the
`interest or other loan charges collected or to he collected in connection with this loan exceed the permitted limits,
`then: (a) any such loan charge shall be reduced by the amount necessary to reduce the charge to the permitted limit;
`and. (b) any sums already poliected from me that exceeded permitted iimits will be refunded to me. The Note Holder
`may choose in make this refund by reducing the Principal l owe under this Note or by making a direct payment to
`the; I“! refund reduces Principal. the reduction will be treated as a partial Prepayment.
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`7.
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`BORROWER‘S FAiLURE TO PAY AS REQUIRED
`'(AirLate Charges‘t‘or Overdue Payments
`1 5.
`If the Note l-ioldcr has not received the full amount of any monthly payment by the end of
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`calendar, days after the date it is due. i will pay a late charge to the Note Holder. The amount of the charge will be
`2". 0 0 D % of my overdue payment of principal and interest.
`I will pay this late charge promptly but only
`once on each late payment.
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`(B) Default
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`if i do‘not pay the full amount of each monthly payment on the date it Is due. 1 will be in default.
`(Cl Notice of Default
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`1f [am in default. the Note Holder may send me a written notice telling me that ifi do not pay the overdue
`amount by a certain datektlle Note Holder may require me to pay immediately the full amount